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Chestnut Lane Apartments 82 Berry Dr 50 Unit Apartment Building $7,500,000 ($150,000/Unit) Newnan, GA 30263
Investment Highlights
- Fully stabilized, recently updated to market rents
- Well located in downtown Newnan, GA
- Very small amount of apartment units under construction or set to deliver in the near future
- High occupancy, now offering market rate rents from affordable
- Newnan population growth projected to increase 2.3% in next 4 years
Executive Summary
Marcus & Millichap is pleased to present Chestnut Lane Apartments, a compelling acquisition opportunity offered at an attractive cap rate. With the expiration of the USDA Rural Development (RD) affordability restrictions, the Property has transitioned to market-rate operations. Existing in-place tenants are receiving RD-issued tenant-based vouchers to offset the increase from restricted rents to market rents. These vouchers are assigned to the tenant—not the Property—and provide a temporary income bridge as units naturally turn over and are re-leased at market rates.
Well positioned within a quiet residential neighborhood, the asset benefits from its desirable setting and steady rental demand. Newnan, GA continues to experience rapid growth as a sought-after Atlanta submarket, with the population projected to increase approximately 2.3% over the next several years.
View Property Listing: https://www.marcusmillichap.com/properties/184559/chestnut-lane-apartments
Well positioned within a quiet residential neighborhood, the asset benefits from its desirable setting and steady rental demand. Newnan, GA continues to experience rapid growth as a sought-after Atlanta submarket, with the population projected to increase approximately 2.3% over the next several years.
View Property Listing: https://www.marcusmillichap.com/properties/184559/chestnut-lane-apartments
Property Facts
| Price | $7,500,000 | Lot Size | 6.44 AC |
| Price Per Unit | $150,000 | Building Size | 42,649 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| No. Units | 50 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1989 |
| Property Subtype | Apartment | Parking Ratio | 1.88/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Building Class | C | ||
| Zoning | R2 | ||
| Price | $7,500,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| No. Units | 50 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 6.44 AC |
| Building Size | 42,649 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1989 |
| Parking Ratio | 1.88/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R2 |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 18 | - | 850 |
| 2+1 | 8 | - | 954 |
| 2+1.5 | 24 | - | 954 |
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Property Taxes
| Parcel Number | N57-040 | Improvements Assessment | $1,412,227 |
| Land Assessment | $128,800 | Total Assessment | $1,541,027 |
Property Taxes
Parcel Number
N57-040
Land Assessment
$128,800
Improvements Assessment
$1,412,227
Total Assessment
$1,541,027
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Chestnut Lane Apartments | 82 Berry Dr
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